YesVirginia Business Blog

Governor Kaine traveled to Fairfax County today to announce the establishment of a nonprofit medical research institute in Fairfax. The Ignite Institute, which will specialize in personalized medicine, is the first of its kind to be built from the ground up, and it could very well change the face of healthcare as we know it today.

Personalized medicine examines an individual's makeup and designs tailored strategies for maintaining health and treating illness. This approach could help doctors detect disease earlier, providing for more effective treatment, a reduction in health care costs and an overall evolution in health care from disease treatment to wellness and prevention. 

In addition to the 415 new jobs created by this project, Virginia will gain much needed wet lab space in Northern Virginia. The Ignite Institute will operate temporarily from the Center for Innovative Technology, during which CIT will develop publicly controlled wet lab space to be used for the incubation of future science and research companies in the region.

The Ignite Institute’s Fairfax location allows it to work closely with the Food and Drug Administration, and provides the Institute with a pipeline of expertise and brainpower to fill the 415 new jobs this project creates. A Northern Virginia location also allows the Institute to leverage expertise in the region to complement its core team. Regional expertise includes the National Institutes of Health, a multitude of universities, and the Howard Hughes Medical Institute’s Janelia Farm Research Campus in Loudoun County.

Governor Kaine approved a $3 million grant from the Governor’s Opportunity Fund that will be used toward construction of the wet lab space. The Ignite Institute also will be eligible to receive a performance-based incentive grant totaling $22 million, subject to General Assembly approval, in increments of $5.5 million per year to be paid out over a four-year period. The performance grant is tied to job creation, commitments of additional outside capital, and Ignite’s research collaboration with Virginia’s university community.

The Ignite Institute’s pioneering effort will help Virginia position itself as a leader in a new generation of industry in the healthcare sector.

Operating a company has its challenges. Taking the leap to expand your business internationally can be downright daunting.

But it doesn’t have to be.

Since 2006, VEDP’s Global Network has helped nearly 200 Virginia companies navigate common international obstacles—language and cultural barriers and the like—and provide the services they need to set up shop overseas. The Network removes much of the risk by offering pre-screened, in-country consultants, who, in partnership with VEDP International Trade, deliver industry-specific market research. Recently, the Network expanded into 17 additional countries, including Bulgaria, Turkey, the Netherlands, Israel and South Africa, now providing in-country services in a total of 44 different countries.

Research available ranges from the best strategy for entering a particular market to information on distributors, competitors and potential clients. Once the company visits its target market, the Global Network provides a host of in-country services, including logistical support, matchmaking assistance and service provider contacts.

Nancy Cleveland of LC Technologies in Fairfax used the Global Network to find a reputable distributor in France.  LC Technologies has developed a unique technology that uses eye movement to control computers and monitor and record eye motion and related eye data. 

 “We really could not have found CIMIS [LC Technologies’ new distributor] in France without the help of VEDP’s Global Network,” Cleveland said. “It’s difficult to find good people in other countries, and VEDP has been invaluable in helping us locate CIMIS, a good match for our very specialized technology.”

During these difficult economic times, when U.S. sales are down for many Virginia businesses, it is vital that companies look beyond American borders for sales opportunities.  The Global Network provides a familiar, helping hand full of critical and timely information about opportunities in specific industries in 44 target markets. The services are free to Virginia companies up to $3,000 per fiscal year. For more information about VEDP’s Global Network, visit http://www.exportvirginia.org/.

LiteSteel Technologies America, Canon, Optical Cable Corporation, Northrop Grumman Shipbuilding and GE Energy were recently showcased in IndustryWeek as the definition of advanced manufacturing.

LiteSteel was touted for its globality and Canon for its sustainability. Northrop Grumman Shipbuilding was highlighted for its successful supply chain network and Optical Cable Corporation for customization. GE Energy received high marks for leading-edge technology.

Had they paid for that horn-tooting ink in the form of an advertisement it a) would not have had the credibility of a third-party validator such as IndustryWeek behind it and b) would have cost upward of $10,000. Instead, these companies in June gave an hour of their time, some refreshments and a few chotchkies bearing their brand. In return, they received positive coverage in one of the most powerful business-to-business media venues out there thanks to their participation in the Virginia Advanced Manufacturing Media Tour, hosted by VEDP. 

VEDP coordinates two media tours annually to bring awareness to industries that are experiencing success across Virginia.  While the chief objective of the tour is to promote Virginia as an ideal business location, we also manage to snag a positive headline here and there for participating companies.

Media tours are just one of many ways VEDP works to nurture Virginia’s relationship with its corporate community. A company’s partnership with the Commonwealth doesn’t end when the shovel pierces the Earth. It’s only just beginning. To learn more about partnering with Virginia, visit www.YesVirginia.org.